LGS 200 MODULE 2 UPDATED ACTUAL QUESTIONS AND
CORRECT ANSWERS
Question:
1. Acceptance
Answer:
Agreement to be bound by the terms of an offeror's proposal
Question:
2. Accord And Satisfaction
Answer:
An agreement (accord) and the completion of that agreement (Satisfaction) between two parties as an
alternative to a previous agreement
Question:
3. Agreement
Answer:
In contract law, a meeting of minds about the terms of a contract. Broken down into an offer and
acceptance
Question:
4. Bilateral Contract
Answer:
A type of contract where a promise is given in exchange for a promise.
Question:
5. Browse-Wrap Terms
Answer:
Terms agreed to by use of a website or program, do not need to be explicitly agreed to
Question:
6. Click-On Agreement
Answer:
Terms agreed to directly by the user (clicked-on; e.g. an "I agree" button)
Question:
7. Consideration
Answer:
Value given in return for a promise/performance
Question:
8. Contract
Answer:
A court enforceable agreement between two or more parties, agreeing to perform (or refrain from) some
action in the future
, Question:
9. Contractual Capacity
Answer:
The legal ability to enter into a contract (Non-ex: intoxicated, underage)
Question:
10. Counteroffer
Answer:
Rejection of the initial offer while making a new offer
Question:
11. Covenant Not To Compete
Answer:
A promise to refrain from competition with another party for a time in a specific area, legal in most
instances and jurisdictions.
Question:
12. Covenant Not To Sue
Answer:
A contractual agreement to refrain from legal action
Question:
13. Disaffirmance
Answer:
Legally exiting a contract (ex: a minor remitting)
Question:
14. E-Contracts
Answer:
Contracts comprised of only electronic signals, not physical
Question:
15. E-Signature
Answer:
A electronic process associated with the idea of signing a record (see: UETA)
Question:
16. Estopped
Answer:
Barred, impeded, or precluded
Question:
17. Exculpatory Clause
Answer:
A clause releasing the contractual party from liability in certain events, regardless of fault
CORRECT ANSWERS
Question:
1. Acceptance
Answer:
Agreement to be bound by the terms of an offeror's proposal
Question:
2. Accord And Satisfaction
Answer:
An agreement (accord) and the completion of that agreement (Satisfaction) between two parties as an
alternative to a previous agreement
Question:
3. Agreement
Answer:
In contract law, a meeting of minds about the terms of a contract. Broken down into an offer and
acceptance
Question:
4. Bilateral Contract
Answer:
A type of contract where a promise is given in exchange for a promise.
Question:
5. Browse-Wrap Terms
Answer:
Terms agreed to by use of a website or program, do not need to be explicitly agreed to
Question:
6. Click-On Agreement
Answer:
Terms agreed to directly by the user (clicked-on; e.g. an "I agree" button)
Question:
7. Consideration
Answer:
Value given in return for a promise/performance
Question:
8. Contract
Answer:
A court enforceable agreement between two or more parties, agreeing to perform (or refrain from) some
action in the future
, Question:
9. Contractual Capacity
Answer:
The legal ability to enter into a contract (Non-ex: intoxicated, underage)
Question:
10. Counteroffer
Answer:
Rejection of the initial offer while making a new offer
Question:
11. Covenant Not To Compete
Answer:
A promise to refrain from competition with another party for a time in a specific area, legal in most
instances and jurisdictions.
Question:
12. Covenant Not To Sue
Answer:
A contractual agreement to refrain from legal action
Question:
13. Disaffirmance
Answer:
Legally exiting a contract (ex: a minor remitting)
Question:
14. E-Contracts
Answer:
Contracts comprised of only electronic signals, not physical
Question:
15. E-Signature
Answer:
A electronic process associated with the idea of signing a record (see: UETA)
Question:
16. Estopped
Answer:
Barred, impeded, or precluded
Question:
17. Exculpatory Clause
Answer:
A clause releasing the contractual party from liability in certain events, regardless of fault
